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GAVEKAL / ANARI WORLDVIEW CHINA May 19-24, 2019

MAY 19-24, 2019 BEIJING || SHANGHAI || HONGKONG - TRIP REPORT

© 2019 Anari, Inc. All Rights Reserved. www.anariworldview.com

GaveKal / Anari Worldview China May 19-24, 2019 Trip Report || of 45

May 19-24 CHINA 2019 Trip Report

Worldview CHINA

May 19-24 2019

BEIJING Monday Tuesday Wednesday May 20, 21, 22, 2019

SHANGHAI Wednesday Thursday May 22 – May 23, 2019

HONG KONG Friday May 24, 2019





May 19-24 CHINA 2019

Worldview Trip Report Table of Contents

Worldview CHINA May 19-24, 2019 Trip Delegation Member Profiles 5

Worldview CHINA May 19-24, 2019 Anari Team Profiles 10

GAVEKAL Cooperators 11

BEIJING, May 19-22, 2019 12

BEIJING, Monday, May 20, 2019 15

JONES DAY LAW FIRM - Dr. Qiang XUE, Of Counsel, fmr. Dep. Director, Bureau of Price Supervision and Anti-Monopoly, NDRC, PRD and Yichen WU, Associate, JonesDay ............................................................................. 15

ASIAN INFRASTRUCTURE INVESTMENT BANK - Dr. Martin Kimmig, Chief Rick Officer, AIIB, Mr. Nicolas Mant, Head of Credit & Risk, and Mr. Oliver Burnage, Senior Risk Officer, Quantitative Analysis ........................... 16

US CHINA BUSINESS COUNCIL - Mr. Jacob Parker, Director, USCBC and Ms. Lipei ZHANG, USCBC ............................................................................ 18

PRC STATE INFORMATION CENTER - Dr. Baoliang ZHU, Chief Economist and Director, Economic Forecasting ........................................... 19

BEIJING COMMUNIST PARTY SCHOOL - Dr. Chunming ZHOU, Professor, Renmin University of China & Administrator, Beijing Communist Party School .................................................................................................. 20

CAIXIN MEDIA COMPANY - Mr. Zengxin LI, International Chief Editor, Caixin Global, Ms. QinQin PENG, Finance reporter, Caixin and Ms. Luyao WANG, Industry reporter, Caixin ................................................................... 21

BEIJING, Tuesday, May 21, 2019 22

CHINA INVESTMENT CORPORATION (CIC) - Mr. Hujun TANG, Managing Director, Asset Allocation Department, and Mr. Yang SUN, Asset Allocation Dept. .............................................................................................................. 22

CHINA ROBOT INDUSTRY ALLIANCE - Dr. YuCheng HAO, President and Ms. SUN, International Department, CRIA .................................................... 23





PEKING UNIVERSITY / International Relations - Dr. Dong WANG, Associate Professor, Political Science, School of International Studies ....... 24

CHINA FEDERATION of INDUSTRIAL ECONOMICS - Mr. GuangJu WANG, Director, International Department ................................................... 25

GAVEKAL - GaveKal Dragonomics China Experts Lance Noble and Matt Forney, Founder, Gavekal FathomChina ...................................................... 27

BEIJING, Wednesday, May 22, 2019 28

Dr. XiQing GAO, Former Vice Chair, CSRC, CIO of NSSF, and CEO of CIC28

PRC MINISTRY OF FINANCE / ACADEMY OF FISCAL SCIENCES – Dr. (Ms.) Yinghua SHI, Director, Research Center for Macroeconomics ............ 30

CHINA DEVELOPMENT BANK - Mr. David Honghui CAO, Director of Research, China Development Bank ............................................................ 31

SHANGHAI, Thurday, May 23, 2019 32

SHANGHAI DEVELOPMENT RESEARCH FOUNDATION - Dr. Yide QIAO, Vice Chairman & Secretary General andDr. Anning WEI, Founding Partner, Gueva Investment Fund ................................................................................ 34

WIND FINANCIAL Corporation - Ms. Loretta LIU, Assistant to the Chairman, Mr. Andrew SUN and Mr. Chris ZHANG ..................................... 35

SOSV TECHNOLOGY ACCELERATOR / Shanghai - Ms. Minjia WU, Investment Director, Ms. Claire CAI, Analyst, Global Partnership Manager, and Mr. Sidney WEN, Managing Director, China Momentum Fund .............. 37

HONG KONG, Friday, May 24, 2019 38

FITCH RATINGS – Andrew Fennell, Country Analyst .................................. 40

ROUNDTABLE: HONG KONG FUTURE – Paul YEUNG, One Country Two Systems Research Institute, Eric CHENG, Infrastructure Director, Natixis Bank, and Harmon WU, Energy private equity investor ............................... 41

HONG KONG MONETARY AUTHORITY (HKMA) - Philip Ng, Economist, Economic Research, and Ka-Fai LI, Senior Economist, Economic Research, HKMA .......................................................................................... 42

CHINA RESOURCES GROUP - ZhongLiang YU, Senior Deputy Chief Strategy Officer, RongHui DENG, Assistant Gen. Mgr, Strategy Mgt Dept., and Dennis CHOI, China Resources Capital Management Ltd. ................... 43





ANARI, INC.

Anari Worldview programs are designed to give top investment executives a first-hand, high-level overview of the current situation and outlook about key economic and financial policy issues in the regions visited. Organized for this purpose by Anari Inc., participating institutions are independent of each other, and have independent interests, concerns, and priorities. Copyright © 2019 ANARI, Inc. 1 Saint Matthew's Court, NW Washington, DC 20036 USA

All rights reserved

All of the material in this publication including all photographs unless otherwise attributed is copyrighted and is not intended for general public release, electronic posting or distribution. Requests for authorized copies of this document should be sent to:

Mr. William Anawaty President, Anari Inc. 1 Saint Matthew’s Court, NW Washington, DC 20036 USA

Anari Worldview Team & Cooperators

May 19-24, 2019 BEIJING – SHENZHEN - HONG KONG Worldview Investors Trip

Beijing Rachel Qiao YingXia, Anari

Coordinator, Beijing

Shanghai JoJo Tian, Facilitating Interpreter

Washington DC Ann Vroom, Associate

Headquartered in Washington, D.C., Anari Inc. also maintains bases in Tokyo, Hong Kong and Houston, Texas. Building on 30 years of

professional and collegial contacts within large institutional and sovereign wealth investors across the US, Asia, Europe, and the Middle East, Anari is well-positioned at the nexus of global investment & finance.





May 19 - 24 CHINA 2019

Worldview CHINA May 19-24, 2019 Trip

Delegation Profiles

William Anawaty, President, Anari Inc. / Anari Worldview Group

Former: US Treasury Department, Executive Assistant to the Deputy Secretary

Macro-Strategic Advisory Service to global institutional investors

Regular investment traveler to China since mid-1980’s

Michael Han

TECK Resources

Chenggang GUO

ANATOLE Investment

CFIE Staff

Charlotte Harington FIDELITY Interna-tional

Susan Dietz-

Henderson CAPITAL GROUP

GuangJu WANG Director

CFIE

Bill Anawaty ANARI,

INC.

Mary McBain

RUFFER Ltd.

Cynthia Lim

SOUTH 32

Avery Katz

TACONIC Capital

David Clift

SOUTH 32

Vancouver Hong Kong London Australia Wash DC London Singa-pore New York Singapore

Worldview CHINA May 2019 Delegation At the CHINA FEDERATION of INDUSTRIAL ECONOMICS (CFIE)





From: LONDON, UK:

Charlotte Harington Multi-Asset Team, Assistant Portfolio Manager FIDELITY International

London-based international arm

($416 Billion AUM) of the world’s 4th largest asset manager, Fidelity Investments ($2.4 Trillion AUM)

From: London, UK:

Mary McBain Firm Partner & Director (Asia) RUFFER, Ltd.

Manages the LF Ruffer Pacific and Emerging Markets Fund

Joined Ruffer in 2006 after a career since 1985 in broking and fund management

History & Economics, Oxford University

London-based, founded in 1994

£21.2 billion (USD $27 billion) AUM

From: Beijing:

Michael HAN Chief Economist, Mining & Metals TECK Resources

Teck Resources, Canada - 2012 to present

Previously: Rio Tinto 10 years, Economist /Chinese Economy

PhD, London School of Economics

Diversified resource company

committed to responsible mining and mineral development with major

business units focused on steelmaking coal, copper, zinc and energy in

Canada, the United States, Chile & Peru.





May 19 - 24 CHINA 2019


Delegation Profiles

From: Hong Kong:

David Clift General Manager, Technical Marketing and Commodity Analysis SOUTH 32

Chemical Engineer with multinational resource

industry experience – operational mining, processing, refining and smelting – and business investment evaluation and development and product regulatory compliance

Globally diversified mining and metals company producing bauxite, alumina, aluminum,

energy and metallurgical coal, manganese, nickel, silver, lead and

zinc at operations in Australia, Southern Africa and South

America.

Cynthia Lim Economist SOUTH 32 Global macroeconomic outlooks and carbon pricing

views. Prior: Economist, Singapore Government

Ministry of Finance, Ministry of Trade & Industry.





May 19 - 24 CHINA 2019


Delegation Profiles

From: New York, NY, USA:

Avery Katz Director TACONIC CAPITAL Merger arbitrage and event-driven

equities. Prior: equity partner & research

analyst, Regals Capital; VP of research, Attara Capital; investment banking analyst, Lazard Freres Co

Multi-strategy, event-driven investor with strong interest

in merger arbitrage - currently manages $7 Billion

in assets

From: AUSTRALIA:

Susan Dietz-Henderson China Affairs Director CAPITAL GROUP

Prior: Australian Consul-General in Shanghai, Assistant Secretary for the Australian Department of Foreign Affairs and Trade in Canberra, and other diplomatic postings

Applied Economics, University of Canberra; BA, Asian studies, Australian National University

Capital Group is the home of

American Funds, a grouping of 40 mutual funds that utilizes bottom-up portfolio management and in-house

research. Founded in 1931, the Group has $1.4 trillion under

management.





May 19 - 24 CHINA 2019


Delegation Profiles

From: Hong Kong:

Chenggang GUO Director ANATOLE INVESTMENT

Prior, VP & Senior Analyst, China Internet; VP & Senior Analyst, Online Gaming & Digital Media; Head of Research, Business Connect China; Senior Analyst, JLM Pacific Epoch, Marketing Manager, Ubisoft

B.B.A, Shanghai University

Anatole Investment

Management Limited is an international investment

management firm based in Hong Kong, founded in 2016

and manages long-term capital for highly

sophisticated professional investors and clients globally

Bill Anawaty ANARI, INC.

Chris ZHANG

WIND Co.

David Clift

SOUTH32

Michael Han TECK

Resources

Andrew SUN

WIND Co.

Loretta LIU WIND Co.

Mary McBain

RUFFER, Ltd.

Charlotte Harington FIDELITY

International

Cynthia Lim

SOUTH 32





May 19-24 CHINA 2019

Anari Worldview Team City Coordinators & Advisors

Rachel Qiao Beijing Associate Anari Inc. / Anari Worldview Group English & Chinese Simultaneous Interpreter for International Conferences. Joined the company in 2005 and served >20 Anari Worldview Delegations visiting China.





May 19-24 CHINA 2019 GAVEKAL Cooperators

Lance Noble Senior Analyst GaveKal Dragonomics

Lance produces research on major developments in China’s industrial policy, political economy and foreign policy.

Previously Manager, Policy & Communications, European Union Chamber of Commerce in China; and, China-focused analyst, government of British Columbia, Canada.

Matthew Forney Gavekal Fathom China Founder & President

Matthew has lived in China for 25 years.

Before setting up Fathom China, he was Time Magazine’s Beijing Bureau Chief, and as a The Wall Street Journal Beijing-based reporter.

Gavekal Fathom China is Gavekal’s investigative research unit focused on companies, industries & corporate situations in China.





Beijing

Be

ijing M

eetin

gs

Monday, May 20, 2019 Tuesday, May 21, 2019 Wednesday, May 22, 2019

Xi Jinping, President of China





BEIJING SCHEDULE

Beijing Sunday, May 19, 2019

Dinner Worldview CHINA Nov. 19-24, 2019 Trip Orientation Program Overview & Logistics Orientation by Bill Anawaty, Anari, Inc.

Beijing Monday May 20 2019

Morning

JONES DAY LAW FIRM Dr. Qiang XUE, Of Counsel, Fmr. Dep. Dir., Bureau

of Price Supervision and Anti-Monopoly, NDRC, PRC

Mr. Yichen WU, Associate, Jones Day

Mid Morning

ASIAN INFRASTRUCTURE INVESTMENT BANK (AIIB) Dr. Martin Kimmig, CFA, Chief Risk Officer Mr. Nicholas Mant, Head of Credit & Investment Risk Mr. Oliver Burnage, Senior Risk Officer, Quantitative

Analysis

Lunch

US-CHINA BUSINESS COUNCIL (USCBC) Mr. Jacob Parker, Director, US China Business

Council Ms. Lipei ZHANG, Manager, Gov’t. Relations,

USCDC

Mid Afternoon

PRC STATE INFORMATION CENTER Dr. Baoliang ZHU, Chief Economist, Director,

Economic Forecasting

Afternoon

BEIING COMMUNIST PARTY SCHOOL Dr. Chunming ZHOU, Professor Renmin

University of China, and Administrator, Beijing Communist Party School

Evening Dinner

CAIXIN MEDIA COMPANY Mr. Zengxin LI, International Chief Editor, Caixin

Global Ms. QinQin PENG, Finance reporter, Caixin Ms. Luyao WANG, Industry reporter, Caixin

79°F / 26°C





BEIJING SCHEDULE cont.

Beijing Tuesday May 21 2019

Morning CHINA INVESTMENT CORPORATION (CIC) Mr. Hujun TANG, Asset Allocation Department, CIC Mr. Yang SUN, Asset Allocation Dept.

Mid Morning

CHINA ROBOT INDUSTRY ALLIANCE Mr. YuCheng HAO, President, CRIA Ms. SUN, International Department

Lunch

PEKING UNIVERSITY INTERNATIONAL RELATIONS Dr. Dong WANG, Associate Professor, Political

Science, School of International Relations, Peking University

Mid-Afternoon

CHINA FEDERATION of INDUSTRIAL ECONOMICS Mr. Guangu WANG, Director, International,

Department.

Evening Dinner

GAVEKAL DRAGONOMICS Lance Noble, GAVEKAL, Dragonomics, Strategic

Industries Matthew Forney, Founder, Fathom China

Beijing Wed. May 22 2019

Breakfast Worldview Discussion Breakfast Dr.XiQing GAO, Former Vice Chair, CSRC, CIO of

NSSF, and CEO of CIC

Mid-Morning

PRC MINISTRY of FINANCE / ACADEMY of FISCAL SCIENCES Dr. (Ms.) Yinghua SHI, Director, Research Center for

Macroeconomics

Lunch CHINA DEVELOPMENT BANK Mr. David Honghui CAO, Director of Research

Travel Worldview Delegation Travel - Train to Shanghai





Monday morning May 20, 2019

BEIJING

JonesDay Law Firm Dr. Qiang XUE

Of Counsel, JonesDay Yichen WU, Associate, JonesDay

Dr. Qiang XUE Of Counsel, JonesDay 2006-2014 - Deputy

Director, Bureau of Price Supervision and Anti-Monopoly, National Development and Reform Commission (NDRC), PRC one of the first antitrust

lawyers practicing in China; involved in drafting the 2007 Anti-Monopoly Law Georgetown University

(LL.M. 2016); Chinese Academy of Social Sciences (Ph.D. in Economics 2011); Peking University (LL.M. 2006); Capital University of Economics and Business (LL.B. 2002)

Yichen WU, Associate, JonesDay The University of Chicago

(J.D. 2013); Peking University (LL.B. 2010)

Yichen WU JonesDay

Worldview CHINA May 2019 Delegation

Dr. Qiang XUE JonesDay

David Clift SOUTH32

Susan Dietz-Henderson

CAPITALGROUP





Monday mid-morning May 20, 2019

BEIJING

Asian Infrastructure Investment Bank Dr. Martin Kimmig, CFA

Chief Risk Officer, AIIB Mr. Nicolas Mant, CFA Mr. Oliver Burnage, CFA Head of Credit & Risk SRO, Quantitative Analysis

Worldview CHINA May 2019 Delegation

Oliver Burnage

AIIB

Nicholas Mant AIIB

Dr. Martin Kimmig

AIIB

Mary McBain

RUFFER Ltd.

Susan Dietz-Henderson CAPITAL GROUP

Avery Katz

TACONIC


Michael Han

TECK Resources

Bill Anawaty ANARI,

Inc.

The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a

mission to improve social and economic outcomes in Asia. Headquartered in Beijing, it began operations in January 2016 and has now grown to 97 approved members worldwide. The United

Nations has addressed the launch of AIIB as having potential for "scaling up financing for sustainable development" and to improve the global economic governance.

The starting capital of the bank was $100 billion, equivalent to 2⁄3 of the capital of the Asian Development Bank and about half that of the World Bank.





Monday mid-morning May 20, 2019

BEIJING

Asian Infrastructure Investment Bank Dr. Martin Kimmig, CFA

Chief Risk Officer, AIIB Mr. Nicolas Mant, CFA Mr. Oliver Burnage, CFA Head of Credit & Risk SRO, Quantitative Analysis

Dr. Martin Kimmig, CFA, Chief Risk Officer, Asian Infrastructure Investment Bank joined AIIB from The Rock

Creek Group, Managing Director covering emerging market equities

previously, 24-year career at the World Bank Group, primarily in the International Finance Corporation (IFC)

PhD in economics, University of Freiburg

Nicholas Mant Head of Credit & Risk

Oliver Burnage Senior Risk Officer, Quantitative Analysis

Worldview CHINA May 2019 Delegation Asian Infrastructure Investment Bank

Dr. Martin Kimmig AIIB

Nicholas Mant AIIB

Oliver Burnage AIIB

David Clift & Cynthia Lim SOUTH32





Monday Lunch May 20, 2019

BEIJING

US-CHINA BUSINESS COUNCIL Jacob Parker

Vice President, USCBC Ms. Lipei ZHANG, Manager, Gov’t. Affairs

Jacob Parker, Vice President, China Operations, US-China Business Council manages USCBC’s two

offices in Beijing and Shanghai China-based research, reporting, and programming on trends of importance to US businesses operating in China

Previously, program manage at Philips Healthcare

Lipei ZHANG, Manager, Government Affairs, USCBC Previously, EU-China

Trade Project (II), Project Officer, Cross-Cutting Issues

Jacob Parker USCBC

Worldview CHINA May 2019 Delegation Discussion Luncheon

Cynthia Lim SOUTH32

Lipei ZHANG USCBC

Susan Dietz-Henderson CAPITALGROUP

Mary McBain RUFFER, Ltd.





Monday afternoon May 20, 2019

BEIJING

PRC State Information Center Dr. Baoliang ZHU

Chief Economist and Director, Economic Forecasting

Dr. Baoliang ZHU, Chief Economist and Director, Economic Forecasting, PRC State Information Center Previously, from 2000 to

2004, served as the first secretary & head of the economic group of the Chinese mission to the EU

From 1994 to 1995, worked as a visiting researcher at the International Center for East Asian economic research in Japan

Studied macroeconomics and quantitative economics at the International Monetary Fund and the University of Louisville

China’s State Information Center (SIC) - is a public institution directly affiliated with the National Development and Reform Commission (NDRC). Using advanced information technologies, the SIC provides information resources for the CPC Central Committee, the State Council, the NDRC and governments at all levels for macro decision-making.

Dr. Baoliang

ZHU State

Information Center

Worldview CHINA May

2019 Delegation

meeting at the “Circulator Corridors” Teahouse

Susan Dietz-Henderson CAPITAL GROUP

Cynthia Lim SOUTH32

Chenggang GUO ANATOLE Investment


International

David Clift SOUTH32

Avery Katz TACONIC





Monday afternoon May 20, 2019

BEIJING

Dr. Chunming ZHOU Professor, Renmin University of China, and Administrator,

Beijing Communist Party School

Chunming ZHOU, Ph.D. Professor, Renmin University of China, and Administrator, Beijing Communist Party School) Expert concerning National

Philosophy and Social Science Planning Office Communications evaluation, and a part-time professor on the faculty of the Renmin University of China.

B.A in Economics, Beijing Normal University, 1983 and a PhD in Law, Renmin University of China, 1999.

The Renmin University of China is a research-oriented comprehensive university focusing on humanities and social sciences. It can be traced back to the Shanbei Public School founded in 1937 and is considered to be the first modern university founded by the People’s Republic of China. The School of Marxism Studies was founded in December 25, 1996, which was composed of the Institute of Marxism History and the Institute of Marxism Theory Education.

Dr. Chunming ZHOU Beijing Communist

Party School

Mary McBain RUFFER, Ltd

Cynthia Lim SOUTH32

David Clift SOUTH32


CAPITALGROUP


International





Monday dinner May 20, 2019

BEIJING

CAIXIN MEDIA COMPANY

Mr. Zengxin LI, International Chief Editor Ms. QinQin PENG, Finance reporter Ms. Luyao WANG, Industry reporter

Zengxin LI, Global Editor, Caixin Media With Caixin since its

establishment in 2009 as US bureau chief, deputy editor of international desk, and editor of macroeconomics desk,

Prior to Caixin, macroeconomics reporter and US correspondent for Caijing Magazine; 2008-2009, an economic reporter at China Daily.

Master’s, Economics, University College

Phoebe Qinqui PENG Finance Reporter, Caixin Media Caixin since 2016 Previously Reporter,

Debtwire HK; News Assistant, The New York Times

Masters of Journalism, Univ. of Hong Kong, BA, Sichuan Univ.

Ms. Luyao WANG, Industry reporter CAIXIN Media

Zengxin LI CAIXIN

Charlotte Harington FIDELITY International

Worldview CHINA May 2019 Delegation With CAIXIN MEDIA Reporters





Tuesday morning May 21, 2019

BEIJING

CHINA INVESTMENT CORPORATION Mr. Hujun TANG

Managing Director, Asset Allocation Dept., CIC Mr. Yang SUN, Asset Allocation Dept.

Mr. Hujun TANG, Managing Director, Asset Allocation Dept., CIC CIC since 2016 Previously, 2004-2016,

Director, Asset Allocation Research, Mellon Capital (San Francisco)

Masters, Financial Engineering, University of California, Berkeley, Haas School of Business; MBA, Boston College, Wallace E. Carroll Graduate School of Management; MS, BS, Fudan University, Materials Science

The CIC is one of the largest sovereign wealth funds in the world. Headquartered in Beijing, it was founded in 2007 as a wholly state-owned company with registered capital of $200 billion. The company was established as a vehicle to diversify China's foreign exchange holdings. CIC has three subsidiaries, CIC International, CIC Capital and Central Huijin Investment Ltd.

Hujun TANG CIC

David Clift SOUTH32


CAPITALGROUP


International

Avery Katz TACONIC

Capital


Yang SUN CIC





Tuesday morning May 21, 2019

BEIJING

China Robot Industry Alliance (CRIA) Dr. YuCheng HAO

President, CRIA Ms. SUN, International Dept.

The China Robot Alliance (CRIA) is a non-profit organization composed voluntarily by enterprises, manufactures, universities, research institutes, regional or local robotic associations, related organizations as well as government-sponsored organizations in the fields of R&D, manufacturing, application and services of the robot industry in China.

Worldview CHINA May 2019 Delegation China Robot Industry Alliance

Dr. YuCheng HAO CRIA

David Clift SOUTH32


CAPITALGROUP





Tuesday Lunch May 21, 2019

BEIJING

Peking University / International Relations Dr. Dong WANG

Peking University, School of International Relations

Dr. Dong WANG, Associate Professor, Political Science, School of International Relations, Peking University

Also serves as Secretary-General, Pangoal Institution, a leading China-based public policy think tank;

BA, Peking University; M.A. & Ph.D., Political Science from University of California (UCLA).

Dr Wang’s articles and reviews appear in Diplomatic History, The New York Times as well as other top academic and news outlets. He has provided consultation to China’s State Council and Ministry of Foreign Affairs and has also served as China’s delegate for important Track-II dialogues such as the Munich Security Conference and the Shangri-La Dialogue.

Dr. Dong WANG Peking

University

Bill Anawaty

ANARI Inc.


International

Michael Han TECK

Resources

Avery Katz TACONIC Capital


CAPITAL GROUP


Chenggang GUO ANATOLE Investment

Cynthia Lim SOUTH32

David Clift SOUTH32





Tuesday afternoon May 21, 2019

BEIJING

China Federation of Industrial Economics GuangJu WANG

Director, International Department

The China Federation of Industrial Economics (CFIE) is a national social organization federation with 178 national industrial association members covering an extensive range of industrial sectors including iron & steel, textile, light industry, machinery, electronics, petrochemical, electricity, building materials, aviation and aerospace, energy and transportation.

Bill Anawaty ANARI Inc.

GuangJu WANG CFIE

Worldview CHINA May 2019 Delegation CHINA FEDERATION of INDUSTRIAL ECONOMICS





Tuesday afternoon May 21, 2019

BEIJING

China Federation of Industrial Economics GuangJu WANG

Director, International Department

Worldview CHINA May 2019 Delegation CHINA FEDERATION of INDUSTRIAL ECONOMICS

Models of Hydrogen-Generated Energy Cities promoted by CFIE

Michael Han

TECK Resources

Chenggang GUO

ANATOLE Investment

CFIE Staff


Susan Dietz-

Henderson CAPITAL GROUP

GuangJu WANG Director

CFIE

Bill Anawaty ANARI,

INC.

Mary McBain RUFFER

Ltd.

Cynthia Lim

SOUTH 32

Avery Katz

TACONIC

David Clift

SOUTH 32





Tuesday dinner May 21, 2019

BEIJING

GAVEKAL Dragonomics Lance Noble, China Industrial Strategy,

GaveKal Dragonomics Matthew Forney, Founder, Gavekal ChinaFathom

Independent research & advisory firm specializing in China's economy and global influence. Its China Economic Quarterly is widely regarded as the most authoritative journal of China's economy and business environment.

Lance Noble China Industrial Strategy, GaveKal Dragonomics

Research reports on major developments in China’s industrial policy, political economy and foreign policy.

Previously, Manager for Policy and Communications at The EU Chamber of Commerce in China as a China-focused analyst for the gov’t of BC, Canada.

Matthew Forney Founder Gavekal Fathom China

Previously, Beijing Bureau Chief of Time magazine, and as a Beijing-based reporter for The Wall Street Journal.

FathomChina is Gavekal’s investigative research unit focused on companies, industries & corporate situations in China.

n

Lance Noble GAVEKAL

DRAGONOMICS Matthew Forney GAVEKAL

FathomChina


Michael Han TECK

Resources

Bill Anawaty

ANARI Inc.

Cynthia Lim

SOUTH32

Matthew Forney GAVEKAL

FathomChina





Wednesday May 22, 2019

BEIJING

Dr. XiQing GAO

Professor, Tsinghua University School of Law Frm. Vice-Chair, CSRC, CIO of NSSF and CEO of CIC

Dr. XiQing GAO Presently, Professor,

Tsinghua University School of Law

Former Vice Chair & President, China Investment Corporation (CIC)

Former Vice Chair, China Securities Regulatory Commission (CSRC).

Former Vice Chair, National Council for Social Security Fund (NSSF) of China, 2003-2007

Duke University Law School, serves on the Duke University Board of Trustees.

Dr. XiQing GAO, then President of the China

Investment Corporation, with Bill Anawaty, Anari Inc.

Mr. Anawaty and Dr. GAO first met in 1994.

Dr. XiQing GAO

Bill Anawaty ANARI Inc.

Pre-Meeting Delegation Breakfast

w. Dr. GAO

Susan Dietz-Henderson CAPITALGROUP






BEIJING

Dr. XiQing GAO

Professor, Tsinghua University School of Law Frm. Vice-Chair, CSRC, CIO of NSSF and CEO of CIC

Dr. XiQing GAO

Worldview Meeting With Dr. XiQing GAO

Avery Katz TACONIC

David Clift SOUTH32

Michael Han TECK Resources

Cynthia Lim

SOUTH32

Mary McBain RUFFER

Ltd.


International





Wednesday morning May 22, 2019

BEIJING

PRC Ministry of Finance / Academy of Fiscal Sciences

Dr. (Ms.) Yinghua SHI Director, Research Center for Macroeconomics

The Ministry of Finance of the People’s Republic of China

National executive agency of the Central People’s Government

administers macroeconomic policies and the national annual budget; also handles fiscal policy, economic regulations and government expenditure for the state.

Records and publishes annual macroeconomic data on China’s economy, including statistics on economic growth rates, central government debt and borrowing and many other indicators regarding the Chinese economy.

The Ministry of Finance’s remit is smaller than its counterparts in many other countries.





Wednesday lunch May 22, 2019

BEIJING

China Development Bank Mr. David Honghui CAO

Director of Research

David Honghui CAO, Director of Research, China Development Bank Professor and PhD

Supervisor of Graduate School of Chinese Academy of Social Sciences

Has participated in various major research projects including “Connectivity and Cooperation within Asia” and “One Belt and One Road Strategy”, aiming at establishing a series of major projects in China’s peripheral areas.

David Honghui CAO

CDB

Cynthia Lim SOUTH32

David Clift SOUTH32

Avery Katz TACONIC

David Honghui

CAO





Shanghai

S

hang

hai M

eetin

gs

Thursday, May 23, 2019





SHANGHAI SCHEDULE


Travel Worldview Delegation Train Arrival in Shanghai from Beijing

Shanghai Thursday Nov. 23 2019

Morning

SHANGHAI DEVELOPMENT RESEARCH FOUNDATION Dr. Yide QIAO, Vice Chairman & Secretary

General Dr. Anning WEI, Founding Partner, Gueva

Investment Fund

Mid Morning

WIND FINANCIAL Corporation

Ms. Loretta LIU, Assistant to the Chairman Mr. Andrew SUN Mr. Chris ZHANG

Luncheon

SOSV TECHNOLOGY ACCERLERATOR / Shanghai Ms. Minjia WU, Investment Director, SOSV

Accelerator / Shanghai Ms. Claire CAI, Analyst, Global Partnership

Manager Mr. Sidney WEN, Managing Director, China

Momentum Fund

Delegation Flight to Hong Kong

84°F / 29°C





Thursday morning May 23, 2019

SHANGHAI

Shanghai Development Research Foundation

Dr. Yide QIAO Vice Chairman & Secretary General

Dr. Anning WEI Founding Partner, Gueva Investment Fund

Dr. Yide QIAO, Vice Chairman & Secretary General of Shanghai Development Research Foundation (SDRF) Also, President of

Excellence® Academy of Development Research (EADR).

Previously, Chief Representative and Managing Director of New York Life until May, 2003; 1980’s, Assistant Director, Institute of World Economy, Shanghai Academy of Social Sciences

Kennedy School of Government at Harvard,1985; Harvard Institute for International Development

The SDRF promotes research on development issues; its activities include a Monthly “Shanghai Development Salon” and yearly forums on World and Chinese Economy while its research work focuses on issues of macro-economy and international finance.


David Clift

SOUTH32



International

Dr. Yide QIAO SDRF





Thursday morning May 23, 2019 SHANGHAI

WIND FINANCIAL Corporation Ms. Loretta LIU, Assistant to the Chairman

Mr. Andrew SUN, Product Director Mr. Chris ZHANG

WIND is the market leader in China's financial information services industry dedicated to providing accurate and real-time information, as well as sophisticated communication platforms for financial professionals. In China,

Wind serves more than 90% of financial institutions including hedge funds, asset management firms, securities companies, insurance companies, banks, research institutions, and government regulatory bodies. Overseas, Wind serves 70% of Qualified Foreign Institutional Investors (QFII).

Andrew SUN WIND Co.

Chris ZHANG WIND Co.


Worldview CHINA May 2019 Delegation at WIND FINANCIAL Shanghai


David Clift SOUTH32






Thursday morning May 23, 2019 SHANGHAI

WIND FINANCIAL Corporation Ms. Loretta LIU, Assistant to the Chairman

Mr. Andrew SUN Mr. Chris ZHANG

Bill Anawaty ANARI, INC.

Chris ZHANG

WIND Co.

David Clift

SOUTH32

Michael Han TECK

Resources

Andrew SUN

WIND Co.


Mary McBain

RUFFER, Ltd.


International

Cynthia Lim

SOUTH 32

Worldview CHINA May 2019 Delegation At WIND FINANCIAL Shanghai





Thursday lunch May 23, 2019 SHANGHAI

SOSV TECHNOLOGY ACCELERATOR / Shanghai

Ms. Minjia WU, SOSV Accelerator/Shanghai Ms. Claire CAI, Analyst, Global Partnership Manager

Mr. Sidney WEN, Managing Dir., China Momentum Fund

Minjia WU Associate

CHINA CCELERATOR

SOSV

Sidney WEN Managing Director China Momentum

Fund

Claire CAI Analyst, Global

Partnership Manager SOSV





HONG KONG

H

ong K

ong M

eetin

gs

Friday, November 24, 2019





HONG KONG SCHEDULE

Thursday evening May 24, 2019

Travel Worldview Delegation Flight from Shanghai to Hong Kong

HONG KONG Friday May. 24 2019

Morning FITCH RATINGS

Andrew Fennell, Country Analyst

Luncheon

ROUNTABLE: HONG KONG FUTURE

Paul YEUNG, One Country Two Systems Institute

Eric CHENG, Infrastructure Director, Natixis Bank

Harmon WU, Energy private equity investor

Afternoon

HONG KONG MONETARY AUTHORITY

Philip NG, Economist, Economic Research, HKMA Research Department

Ka-Fai LI, Senior Economist, Economic Research

Afternoon

CHINA RESOURCES GROUP

ZhongLiang YU, Senior Deputy Chief Strategy Officer

RongHui DENG, Assistant Gen. Mgr, Strategy Mgt Dept

Dennis CHOI, China Resources Capital Management Ltd.

74°F / 23°C





Friday morning May 24, 2019

HONG KONG

Fitch Ratings Worldview Discussion

Andrew Fennell, Lead Country Analyst

Andrew Fennell, lead analyst for China, Hong Kong, Macao, Mongolia, and Taiwan, Fitch Ratings based in Hong Kong

joined Fitch Ratings in the Asia-Pacific Sovereign team in 2014.

Before joining Fitch, Morgan Stanley (2011-14) credit risk manager covering Asian corporates and sovereigns in Hong Kong; property analyst for Savills (2008-09)

M.A., The Johns Hopkins School of Advanced International Studies (SAIS); B.A. from Yale University

[photos not available from this meeting]

Recent topically related press coverage with Mr. Fennell:

China’s economic outlook will worsen if US puts tariffs on remaining exports, Fitch Ratings says Amanda Lee, South China Morning Post Published: 7:00am, 29 May,2019 SCMP.COM Global Economy

https://www.scmp.com/author/amanda-lee





Friday lunch May 24, 2019

HONG KONG

ROUNDTABLE: HONG KONG FUTURE Paul YEUNG

One Country Two Systems Research Institute Eric CHENG, Infrastructure Director, Natixis Bank


Eric CHENG, Infrastructure Director, Natixis Bank

Over 20 years experiences in infrastructure investment, M&A, project finance, PPP, consulting, and financial management globally and has worked on projects in North America, Europe, South America, and Asia Pacific.


Harmon WU Energy private equity investor

Paul YEUNG One Country / Two System

Institute


David Clift SOUTH32





Friday afternoon May 24, 2019 HONG KONG

Hong Kong Monetary Authority (HKMA) HKMI Research Department Economic Research Division

Philip NG, Senior Economist Ka-Fai LI, Senior Economist

Philip NG, Senior Economist, Economic Research Division, Research Department, HKMA

Ka-Fai LI, Senior Economist, Economic Research Division, Research Department, HKMA

The Hong Kong Monetary Authority (HKMA) Responsible for

maintaining currency stability within the framework of the Linked Exchange Rate system

promoting the stability and integrity of the financial system, including the banking system

helping to maintain Hong Kong's status as an international financial centre, including the maintenance and development of Hong Kong's financial infrastructure

managing the Exchange Fund.

Ka-Fai LI HKMA

Philip NG HKMA

Cynthia Lim

SOUTH 32


International

David Clift

SOUTH32





Friday May 24, 2019

HONG KONG

China Resources Group ZhongLiang YU

Senior Deputy Chief Strategy Officer, CR Group RongHui DENG, Ass’t. Gen. Mgr, Strategy Mgt Dept, CR

Dennis CHOI, CR Capital Management Ltd.

Zhongliang YU, Chief Economist, China Resources Capital Management Ltd., & Senior Vice Dir., Strategic Management Dept., China Resources Holdings

RongHui DENG, Assistant Gen. Manager, Strategic Management Dept, China Reources Holdings

Dennis CHOI, Exec Dir/Deputy Gen Manager, Investment, CR Capital Mgt. Ltd


Cynthia Lim SOUTH32





Friday May 24, 2019

HONG KONG

China Resources Group ZhongLiang YU

Senior Deputy Chief Strategy Officer, CR Group

RongHui DENG, Assistant Gen. Mgr, Strategy Mgt Dept Dennis CHOI, CR Capital Management Ltd.

China Resources (CR) Group

encompasses five business areas, including consumer products, healthcare, energy services, urban construction and operation, technology and finance entailing about 2,000 business entities, and more than 420,000 employees; one of the Fortune Global 500 enterprises, ranking 86 in 2018.

CR’s retail business, Snow beer brand and gas operations are the largest of their kind in China. CR Power and CR Cement have industry-leading business performance and operational efficiency. CR Land is one of the most reputable and integrated real estate developers in mainland China. CR Pharmaceuticals' sales volume is among the best in China, while “Snow” beer, “C’estbon”

purified water, “CR Vanguard” supermarkets, and the “MIXC” mall, 999, CR Double-Crane, Dong-E-E-Jiao are all household brands in China.

Dennis CHOI CR Group

Cynthia Lim

SOUTH 32

Bill Anawaty ANARI,

INC.


International

David Clift

SOUTH32

ZhongLiang YU CR Group

RongHui DENG CR Group





GaveKal Worldview CHINA May 19-24, 2019

Program Adjournment

PLEASE NOTE THIS DOCUMENT IS NOT INTENDED FOR

PUBLIC RELEASE, ELECTRONIC POSTING OR DISTRIBUTION

WITHOUT THE EXPRESS PERMISSION OF ANARI INC.

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arranges highly personalized institutional research seminars to investment markets in America and around the world for face-to-face small-group discussions with leading

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Anari Worldview programs are developed to enhance an institution’s “worldview” for effective decision-making.

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